Orkla : Pan European Investor Conference 2022, New York

29 November 2022, New York

Pan European Investor Conference by BNP Paribas Exane, DNB Markets and Numis Securities

A Nordic brands and consumer-oriented investment company

Disclaimer

This presentation has been prepared by Orkla ASA (the "Company") solely for information purposes. The presentation does not constitute an invitation or offer to acquire, purchase or subscribe for securities.

Certain statements included in this presentation contain various forward-looking statements that reflect management's current views with respect to future events and financial and operational performance. The words "believe," "expect," "anticipate," "intend," "may," "plan," "estimate," "should," "could," "aim," "target," "might," or, in each case, their negative, or similar expressions identify certain of these forward-looking statements. Others can be identified from the context in which the statements are made. Although we believe that the expectations reflected in such forward-looking

statements are reasonable, these forward-looking statements are based on a number of assumptions and forecasts that, by their nature, involve risk and uncertainty. Various factors could cause our actual results to differ materially from those projected in a forward-looking statement or affect the extent to which a particular projection is realized. Factors that could cause these differences include but are not limited to the Company's ability to operate profitably, maintain its competitive position, to promote and improve its reputation and the awareness of the brands in its portfolio, to successfully operate its growth strategy and the impact of changes in pricing policies, political and regulatory developments in the markets in which the Company operates, and other risks.

The information and opinions contained in this document are provided as at the date of this presentation and are subject to change without notice.

No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information contained herein. Accordingly, neither the Company nor its subsidiary undertakings or any of such person's officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document.

2

We are transforming into a leading industrial investment company with a brands and consumer-oriented scope

A leading Nordic		Strong Brands		Local presence		Scale advantages
company

• Long heritage in the Nordic region
• Strong presence in the Baltics, Central Europe and South Asia
• Listed on Euronext Oslo

•	Strong positions in		• Being close to the		•	Develop concepts
	smaller markets		consumer and customer			across markets
•	~80% of revenue		• Superior local insight and		•	Synergy
	from #1 and #2 brands		set-up			realization throughout
•	Market shares typically		• Autonomous units with			supply chain
	in the range of 30-80%		full P+L responsibility		•	Centres of competence
						in select areas

3

New simplified structure that will reduce complexity through a lean headquarter and autonomous portfolio companies

			Orkla ASA
			President & CEO
Investment Team							Corporate Functions		Business service
							companies

Investment Professionals

Centers of Excellence

• Sales
• Marketing and Innovation
• Sustainability

Orkla Procurement

Orkla IT

Orkla Financial Services

Portfolio Companies1

Financial invest.

Jotun2

Orkla

Orkla

Orkla

Orkla

Orkla

Orkla

Pizza Out

Orkla

Health

Pierre

Lilleborg

Orkla

Foods

Food

Confec-

Health

India

Home &

of Home

House

and

Robert

Hydro

Europe

Ingredients

tionery

Personal

Care

Sports

Group

Real

Power

22.8

17.3

& Snacks

Care

Nutrition

Estate

BNOK

BNOK

13.5 BNOK

7.5 BNOK

5.2 BNOK

2.4 BNOK

2.3 BNOK

2.2 BNOK

1.4 BNOK

1.1 BNOK

0.5 BNOK

0.5 BNOK

1	Indicative revenues are R12M as at 30 September 2022 (adjusted for completed acquisitions)	4
2	Jotun's operating revenue represents the full company figure from 2021 (100%). Orkla has 42.6% interest in Jotun.

We differentiate ourselves through the combination of the following six characteristics

Long-term

Expertise

Industry shaping

Scale

Entrepreneurship &

Code of

& dynamic

perspective

localness

Conduct

capital allocation

Taking a longer-term industrial perspective on our ownership and investment decisions

Adding competence	Capital allocation and	Realizing scale and	Entrepreneurship	Imparting Orkla's
and capabilities to	structural opportunities	cost benefits through	through decision	ethics, business
support commercial	as a value creation	our business services	making close to the	standards, and
development and	lever		value creating assets.	commitment to
growth			Encourage companies	sustainable business
			to build on local	practices and products
			uniqueness as a
			competitive
			advantage.